Cogent Biosciences Insider Sells 65,000 Shares for $2.52 Million
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 2h ago
0mins
Source: NASDAQ.COM
- Insider Sale: Evan Kearns, Chief Legal Officer of Cogent Biosciences, sold 65,000 shares on December 26 for a total of $2.52 million at a weighted average price of $38.70, reducing his direct holdings by 37.27%, indicating a cautious outlook on the company's future.
- Ownership Change: Following this transaction, Kearns's direct ownership stands at 109,398 shares, and this sale marks his only open-market transaction, with no derivatives or indirect holdings involved, maintaining his direct control over the company.
- Market Reaction: Kearns's sale did not trigger panic in the market, as it occurred after a significant stock price surge due to the company's public offering and clinical advancements, suggesting a normal liquidity management strategy at high valuations.
- Strategic Context: Cogent focuses on precision therapies for rare diseases, and Kearns's sale does not undermine the company's long-term strategy in oncology and rare disease markets, with future value hinging on clinical execution and regulatory progress.
Analyst Views on COGT
Wall Street analysts forecast COGT stock price to rise over the next 12 months. According to Wall Street analysts, the average 1-year price target for COGT is 42.50 USD with a low forecast of 20.00 USD and a high forecast of 65.00 USD. However, analyst price targets are subjective and often lag stock prices, so investors should focus on the objective reasons behind analyst rating changes, which better reflect the company's fundamentals.
11 Analyst Rating
9 Buy
2 Hold
0 Sell
Strong Buy
Current: 35.570
Low
20.00
Averages
42.50
High
65.00
Current: 35.570
Low
20.00
Averages
42.50
High
65.00
About COGT
Cogent Biosciences, Inc. is a biotechnology company. The Company is focused on developing precision therapies for genetically defined diseases. The Company’s clinical program, bezuclastinib, is a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. KIT D816V is responsible for driving systemic mastocytosis, a serious disease caused by unchecked proliferation of mast cells. In addition to bezuclastinib, the Company is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases initially targeting mutations in FGFR2, ErbB2 and PI3Kα. SUMMIT is its randomized, global, multicenter, double-blind, placebo-controlled, multi-part Phase II clinical trial for patients with Non-AdvSM. APEX is an open-label, global, multicenter study evaluating the safety, efficacy, pharmacokinetic, and pharmacodynamic profiles of bezuclastinib.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
